Congratulations, Jane!

This is true bipartisanship — not corporatist hooey.

Senator Sanders did a heads up to the concerted efforts by Move On, AFLCIO and some of the right wing groups coming together and piling on adding more and more pressure. Yes a big thank you to Jane and the FDL team.

Auditing the Fed has taken a very long time. Have heard people talking about this for four decades. Hopefully this is just the beginning.

Still taken by the echo chamber at MSNBC. From Chris, to Ed, Keith and last night Chris filling in for Rachel MSNBC is an echo chamber with a twist on each program. Last night on all four programs they covered the oil spill,(repeating the same thing that we heard on the previous program), audit the fed legislation passing. Once in a while they share their regular guest. Ed has had Mike Papantino (sp) on about the oil spill. Last night Chris had him on. Although I always like when Chris Matthews digs into Cheney and how his energy meeting records have never been accessible to the public. He also hammered on Cheney’s role at Halliburton and profits made.

Just keep wondering when MSNBC will really ramp up the depth and breadth of their coverage. Chris used to have a few Vets on his program. Those returning from Iraq. Most of them will not touch this torture issue at all (rachel did mention Spencer’s coverage of the Gitmo trial last week once). All four of the above mentioned programs barely ever mention Iraq. Deaths, destruction, cost of life and treasure. Seldom touch the innocents who have been slaughtered in Afghanistan and Pakistan. How we sometimes pay a few goats and a couple of thousand bucks to family members of the innocents slaughtered by our drones or night time raids by U.S. special forces. Forget reporting anything about the Israeli Palestinian conflict. STILL COMPLETELY OFF LIMITS ON ALL OF MSNBC’S PROGRAMMING. OFF LIMITS. SILENCE. NOT A MENTION OF THE GOLDSTONE REPORT WHEN IT CAME OUT OR SINCE.

Now I have to give it to Dylan Ratigan last night. He ocvered the quagmire in Iraq last night. He talked a bit about the death and destruction there due to our invasion. But for the next four hours after his program not a mention.

While most Americans are tuned into the having concerns about auditing the Fed, the oil in the Gulf. People in Iraq are concerned about surviving, keeping their electric on and staying alive. Our invasion did this to them. They are far worse off now than they were before we illegally invaded. Americans do not want to think about how many have been slaughtered or tortured in our names. The MSM is happy to keep thim in the dark

was glad to see he mentioned the coalition – ya done good there Ms Jane, really good

would have liked to have heard mention of the WH’s resistance

I will believe the Fed audit when I see it.
What’s to stop Dimon Bernanke from tying it up in court?

This is a beginning. Jane, Move on, AFLCIO all know we need to keep pushing.

96-0. They are realizing that we are out here

In a way, passage of Audit the Fed represents something like “para-partisanship.” It had to bypass both parties.

don’t know if they realize anything. as successful as the coalition was with their tactics, (eg, neutralizing the pop up Lieberman) can’t help but feel the optics/atmospherics of the Greece/EU mess influenced the vote. and god only knows how close the vote would have been had it been on the original and not the WH friendly ‘modification’

The single greatest act of bipartisanship since Obama took office.

Of course Obama had nothing to do with this one.

Of course Obama had nothing to do with this one.

No worries. Maybe he’ll get more directly involved when he tacks on the signing statement(s).

MoveOn was never part of the coalition.

That’s hilarious. It did indeed.

And our illegal wars of aggression continue with numerous Democrats tripping all over themselves to assert that, yes, we are at war, no one’s forgotten that.

As far as I’m concerned from the first strikes against Afghanistan to the invasion and subsequent illegal occupation and looting of Iraq (and our Treasury) we have been in violation of international law set down at Nuremberg and in the UN Charter and the Hague Conventions of 1899 and 1907.

Just saying we’re at war doesn’t magically make it happen. It used to take congress to declare war but funny ever since the War Powers Act was passed in 1973 supposedly curbing the executive’s power congress just rolls over and gets out of the way of whoever feels like violating the law whether it’s a Republican like Reagan/Bush or a Democrat like Clinton (Yugoslavia, Iraq, Sudan, not to mention Plan Colombia).

I don’t see how anyone in any other country takes this charade seriously any more.

It’s just nice to know all the hard work was not for naught !

Great job Jane ,I remember some of the ridicule you took when you joined this coalition ,you showed your detractors didn’t you.

Ok we got a vote when do we get the results of the audit? WallStreet will either be really interested or very disinterested. Disinterested would be the scarier response.

Bernie gave Ben a milk toast pass when it came to asking that question. The grilling should have been so sever that only bleached bones should have remained. It was all theater. “No” is not an answer. He should have had that pompous ass thrown in jail until he got his “memory” back.

I thought I heard the audit would not include all the details we wanted?

OT, the O administration is opposed to signing the international ban on land mines despite 60 + Senators supporting the ban and every member of NATO with the exception of the U.S. having signed on to the international agreement. Obama’s nothing more than a silver tongued fraud.

I’d caution about being so triumphant about the cosmetic 96-0 vote becoz it still has to go thru conference. On dodd’s bill to reign in wall street compensation of companies that took tarp money like aig, he had a provision in there to stop wall street entities from handing out bonuses that had already been decided upon … I may be slightly off on my description of the bill … and that passed unanimously in the senate as well, only to be stripped out in conference. That was the bill that the rahmbama administration used to try to lay the aig bonus fiasco on dodd last spring.

I get very suspicious when anything passes unanimously by the anointed establishment guardians in the senate that goes against establishment interests … especially those of the banks. The bill has not come out of conference yet and been signed into law and Hayes and Hamsher … both of whom I have a lot of respect for … shouldn’t be taking a victory lap yet. I’d make the case that if it wasn’t known … and agreed upon … that the teeth of the bill would be stripped, there is no way that it would have gotten a unanimous vote in the senate … just like the earlier dodd bill. Unless, the folks in the senate that were against were so outnumbered that they saw the futility of fighting against it and decided to hop aboard the populist wagon for a free ride …

Z

Read the link to John Nichols piece in The Nation.

The Senate amendment is not as muscular as the bipartisan legislation backed by the House, which was sponsored by Florida Congressman Alan Grayson, an aggressive progressive, and Texas Congressman Ron Paul, an equally aggressive conservative with libertarian leanings. The Grayson-Paul bill authorizes audits by the Government Accountability Office of every item on the Federal Reserve’s balance sheet, including all credit facilities and all securities purchase programs; there would be exemption only for unreleased transcripts, minutes of closed-door meetings and the most recent decisions of the central bank. The Senate measure is narrower in its focus, but it would require the GAO to scrutinize some several trillion dollars in emergency lending that the Fed provided to big banks after the September, 2008, economic meltdown.

http://www.npr.org/templates/story/story.php?storyId=126773050

Why is the Senate version so good that even the GOPers voted for it.

Not signing the land man ban has been a staple of the WH since it was introduced.

The Senate amendment is not as muscular as the bipartisan legislation backed by the House,

one of the TPM pragmatists went off about Grayson/Paul version – claiming it “would hamstring the Fed”, ‘the horror of continually having to answer to Congress and taxpayers !’

I kid you not.

When I read articles like this, I think to myself, “Sweet Jesus, do I hate America.” Except now I’m not keeping it to myself.

It’s a one time audit, but still a very big deal. Quite an accomplishment. Congrats.

This is an important step forward. But there is plenty of room for mischief in the conference committee, and the manner of implementations is also critical. Progressives interested in this issue must be vigilant and expressive as the intent of the law is made concrete.

Lets see how this plays out if WallStreet hates this bill especially right before the audit comes out then the bill is good. WallStreet has every reason to fear a real audit.

Funny every company files taxes once a year so I don’t see the problem.

Sanders mentioned Move on during his interview on Rachel Maddow’s program last night. You may have noticed that is what I said. Sanders said that Move on was involved and gave them a shout out.

Hopefully they will mention this mix up on Rachels show I was surprised when Sanders came out and thanked them. But he thanks Move on along with the AFL CIO. Wonder if they will clear that one up and give credit where credit is due

Spot on, and damn well said, matt.

DW

A must read, SD, and Jane gets well-deserved props …

DW

I believe this is the full clip of the interview with Sanders last night. Over at Crooks and Liars. Not able to link.

Sen. Bernie Sanders Explains His Fed Audit Amendment Just Passed by Senate

Yes Jane and FDL and team does. But later Sanders gives a shout out to Move on. Looking for that clip.

They will probably jam the Senate bill on the House and there will be no conference.

The 96-0 vote happened because the GOP watched what happened to Bennett, Specter et. al. and they’re scared shitless of Redstate/ATR coming after them. We never would’ve been able to hold the Dems without them, but our “centrists” who normally triangulate against Bernie Sanders and Russ Feingold had no refuge because the Republicans weren’t giving them any cover. They just looked like bank whores.

I appreciate people’s skepticism. But please also note that this was a deliberate political strategy, probably given an extra boost by last week’s market insecurity and the situation in Greece. Senators were scared to be seen covering up for the banks and their traditional hiding holes were cut off.

The legislation won’t go as far as we’d like but I don’t remember ever getting all I wanted for Xmas, either.

I don’t know about this audit and what will “come out” in it.

I do know that the audits we do in my work place don’t really show very much. I don’t know how to be more clear than that, but the auditors come in and spend a lot of time rooting around in our financials, often asking lots of questions, and back up docmentation is required. But when you look at the report, it’s pretty opaque. The main thing that the auditor tells our Board is whether our record-keeping is correct or not (we have had to make some record-keeping changes, but there were no fiscal shenanigans).

I’m not sure what kind of audit the Fed will get, but I’m not holding my breath that it’s going to be much more clear than the audit we get at work. That’s just my take and is based on nothing other than my personal experience with audits on the microeconomic level. That and $3 will get you a cuppa coffee somewhere… ;-)

Sanders during interview with Chris Hayes (6:12 at the Crooks and Liars clip)

” A lesson to be learned from this. And the lesson is. When you have strong grass roots progressive organizations. Like the AFL-CIO, SEIU, Move on.org. Prepared to work with some of the strongest grass roots conservative organizations. And millions of millions of people get mobilized and they say “you know what we want to know whats going on in the Fed. It’s our money it’s not their money. We want to know if there are conflicts of interest”

Thanks Leen, didn’t see that.

How annoying.

Most troubling of all, the Fed wouldn’t say who those borrowers were, and how much they got. And if the idea of the Fed just handing out cash and refusing to tell anyone who they were handing it to sounds crazy, that’s because it is crazy.

We can all mock what Bush appointees did and call it crazy, but the fact that Barack Obama ran on CHANGE and then reappointed the same assholes is by far the craziest part of all this. I find that fact just as troubling as what they did during Bush’s watch.

Your welcome. I was surprised when Sanders gave a shout out to Move on. Because I don’t remember getting any emails from them about the “audit the Fed” issue. Was surprised that he did not give a shout out to FDL the way Hayes had earlier

Thanks for the reply. I hope that you are right about this. And good work bringing things this far.

Z

Am pretty sure the WH had a lot to do with it, just not in a positive way. FWIW Brad Delong claims his sources told him Obama was going to come out in opposition to the original bill before Sanders accepted the compromise language.

Word.

The MSM, which includes all of cable news, including MSNBC, is a business first, a public service a distant second. Americans can now enter the echo chamber of their choice, and literally must work hard to hear or read real news about the substantive issues of the day. Paradoxically, the real news is more accessible today on the internet than it has ever been before, if you have the time and inclination to ferret it out. Don’t expect cable news to ever change–a cable network that put reporting on the big issues first would die in the ratings war in a split second. We reap what we sow.

Certainly am well aware of that. But my motto “keep pushing” Do our part.

and inaccurate

What’s happening to this site? Has it turned into a social club? Where’s the argument? Anyone read how much this Bill was changed from what was first proposed & truly needed? Check out what Simon Johnson had to say about it? This Bill is NOTHING to be pleased with. In light of the financial corruption we’ve seen, it’s SHAMEFUL! As usual Dems caved, they’re pathetic, we know. But, the better question is, what’s going on here?

Jon Stewart had a funny segment last night about how Republicans now try to pin all of Bush’s blunders on Obama. He made a good point.

But in this case Obama pinned the shit on himself. Didn’t Obama embrace all the crazy shit that was done in 2008 when he appointed Bernanke, Geithner and Summers?

When it comes to financial reform, Obama’s bullshit should be as much the focus as anything Bush’s appointees did.

Can we stop with that type of counterpoint already? Nobody expects everything. Some of us are just naturally concerned this will turn out for naught (just based on history, this is the most prudent view to take). That doesn’t mean stop fighting to make this bill work but it does mean stop dancing and get back to work, nothing and I mean literally nothing has been acomplished yet.

Why have mostly Republicans been calling for Geithner to resign?

Geithner Resignation Calls May Increase as 2010 Election Nears (Nov 20, 2009)

Where are the Democrats and progressives who should be demanding that Obama force him to resign and continue demanding it until he is gone?

You keep coming on here saying this stuff and you never, ever provide any links.

Are you working for JP Morgan?

And, because evidently Google must be down, here’s the line-by-line comparison of the original Ron Paul/Alan Grayson amendment vs. the Sanders amendment:

http://seminal.firedoglake.com/diary/46069

The only things I find at Baseline Scenario support the amendment. Simon Johnson himself said that the modified Sanders amendment was a ”good first step” and only those “who are paranoid about the Fed” will be unhappy with it. You can decide if you think he means you:

http://fdlaction.firedoglake.com/2010/05/06/video-transcript-ron-paul-says-sanders-switched-and-watered-down-audit-the-fed/#comment-110120

I know what we’re doing as a “next step.” The plans are already under way. It would be helpful to hear what you think that next step should be. At the very least please stop spreading disinformation in the comments.

going to be their strategy all the way to the fall elections. Flip the script and results of the Bush administration, count on the short memories of the American people, use hatred, fear and lies to flip that script. Pretend to be all about fiscal responsibility but they were not calling for any of this when the Bush administration was in power

It is probably too late to get an answer to this, but I’ll give it a shot anyway…

Jane, in the Nichols article he says the audit applies to loans made since Sept. 2008 rather than Dec. 2007. Has anyone yet accounted for the different date than what we initially expected? There was some discussion of this in the thread yesterday, but I haven’t seen an answer. Will Sept. 2008 skip important information from March 2008 or will there be no substantive difference than what we would have gotten from Dec. 2007?

Thanks for everything you do Jane!

I’ll agree that this Amendment, while not identical to the Grayson-Paul overture, is a good first step, the bigger opportunity lies in the continued growth of this ‘Odd Couple’ coalition.

What other issues are there that both Grayson and Paul, i.e. progressives and libertarians, can find common ground upon? I believe both signed on with Dennis Kucinich recently to sponsor a War Powers amendment in an effort to end the fruitless e$capade in Afghanistan, for example. While alot of progressives are quick to write off the ‘Tea Baggers’ as nuts and kooks, and rightly so, there is also an opportunity for a joining of forces to continue seeking legislative ‘victories’ against the Corporatists that have captured our Government. The GOP has attempted to co-opt these folks and if you are paying attention, definite fissures exist in their ranks because the truly don’t like all of the Corporate dollars dominating our Governance. Populism scares the bought and paid for and in this instance it forced even the most rank Senate Corporatists to go along.

Progressives, in particular, have been powerless as evidenced by the farce that was HCR and this sort of coalition can serve to knock down a Lieberdick or Blanche.

Not wanting to toot my own horn, I’ll go ahead and do so anyway. Back in December 09 I posted about just this subject when the initial Audit the Fed plan passed the House…It can be found here if you care:

http://www.guzzistudios.com/sloganeer/wordpress/?p=208

You obviously haven’t been hangin’ out here very long. Any number of folks comment about any bill not being good enough for them, this bill included.

That doesn’t mean stop fighting to make this bill work but it does mean stop dancing and get back to work, nothing and I mean literally nothing has been accomplished yet.

If you’ve read any of my comments in the past you’d know better than to direct that statement to me.

I’ll give you an answer on your last question. Every day omitted during the relevant time period will allow another big, shameful decision to be kept secret. This victory is important as symbolism, and Jane deserves full credit for it since any progress on the “inside the system” path she treads will necessarily be glacial, but the Fed will keep it’s darkest secrets secret. I’d bet my dog on it. That would be my judgment even without the confirmation of the unanimous vote count. Many voted against the bill with more teeth, right? Why would you think their opinions would change so radically solely due to a slight change of language?

Phred, I just called Cantwell’s office and her staff person said it goes back to Dec. 1, 2007. I never did get an answer from Murray’s office yesterday when I asked. Hope that helps.

Right, but that doesn’t answer my question.

First, I do not know for a fact that the date was changed in the legislation. Does someone know what the actual date in the amendment is?

Second, even if the date did change, it might not matter because certain activities will not be included in the Sanders audit. So it is possible that the changed date has no real affect on what we will learn.

Those are the questions I am trying to get answered… (powwow are you around? Jane? Bueller… Bueller? ; )

Thanks Cheryl!

So I wonder if Nichols picked up Sept. 2008 from the CSPAN typo…

You are welcome! However, I have received bad information from staffers before but this one seemed very confident that they had the correct date.

This was the only part of the article that really bothered me. Judging by the presentation, both Mr. Hayes and Ms. Hamsher clearly found significant Mr. Bernanke’s refusal to provide the information Senator Sanders requested. And, of course, they were right in playing this up; after all, who says, “No” when asked by the public to reveal transactions concerning the public’s money supply? Or where there’s nothing to hide? Well, in states like GA, HI, MD, SC, TX, and VA, in order for candidates to get the state to print their names on the ballot, they must be qualified for the job. So, various members of the DNC Services Corporation swore to election officials in GA, HI, MD, SC, and VA Presidential candidate Barack Obama was eligible for the job – in TX, state D party Chair Boyd Richie signed the Certification – and yet when asked to produce the documents that were the basis for that Certification, both Ms. Pelosi and Mr. Richie said, ‘No.’ Who says , “No,” when asked by the public to reveal information concerning the public’s electoral process? Or where there’s nothing to hide? Where is the indignation over that? http://jbjd.wordpress.com/2010/05/10/all-the-presidents-henchmen/

Of course he means me, AND everyone else who’s consciously lived through the last 12 years of Gov’t./FED/Banking collusion/corruption. Funny, I don’t recall you’re being so amenable to the selling of “next” steps when it was used to whitewash HCR failings. Its use is just as shameful now in washing away the shortcomings of the grossly limited one-time FED audit Bill just passed. All we have to do this Nov. is reelect our Dems & they’ll do even better. Uh-huh.
I know of no measurement to describe the cost to our kids & grandkids of the failings and missed opportunities of Obama and this Democratic Congress.
Last, if you believe Simon Johnson likes this FED audit compromise, I think you’re selling his passion and ideals short. I would no more do that to him than I would to you.

Jane! How dare you argue using facts in their proper context! Now you’ve made the Baby Jeebus crwwwwy.

All it has to show is that Goldman Sachs got money from the taxpayers through AIG (and it will) and then anyone involved will see the end of their career. That’s why the deadline is December 1 and not November 1. This has the potential to cost half the Congress (or more) their career. One good thing that’ll come out of it from our point of view, though, is it’ll refocus the electorate on the fact that all this happened because of Bush and the Republican Congress of 2000-2006.

Congrats Jane! I remembered telling you not to celebrate too much when it passed in the House because the Senate has a way a fucking over progressives. Now I think it’s only right to Congratulate you on a well earned victory. I remembered when those at KOS called you a traitor for partnering with Gorver but you had great foresight. I find it interesting that veal pen organizations like MOVEON is being given credit for something it didn’t do yet FDL and yourself weren’t acknowlegded by Sanders.

Actually, Sanders specifically thanked “the folks at the Daily Kos for their efforts reaching across the aisle to the Grovers on the other side.” :)

Now that’s really fucked!

Kudos on the chess move, Jane. R0ck 0n!

Yuppers!

That is too funny. Go for it, Sanders: get MoveON and DailyKOS in trouble for what the DFHs at FDL worked on!!!! :-D

Also shows you how much they care for their allies among the *little* people. Not much. Do you think they would credit Exxon when it was BP that paid for their campaign. Not bloody likely.

Stickin’ with ya, Jane! A vote of 96-zip AND media coverage!!!!! Carry on!

He specifically thanked Jane and FDL. Go watch the clip again. No mention of DKos

BTW, anybody catch Hayes’ revelation on the Elena Kagan segment that his wife works in the White House Counsel’s office?

Can’t we figure out some way to disqualify someone from being a “journalist” if they’re married to a political operative or someone in a government position?

I mean, for Chrissakes, we’ve got Andrea Mitchell married to Alan Greedspan, Campbell Brown married to a GOP strategist, a new GMA host engaged to Peter Orzag, Hayes in bed with an Obama lawyer; Christ, who else am I forgetting?